North Carolina Down Payment Support Programs

Payments Gateway - These programs are the Down Payment Assistance Program and the Mortgage Credit Certificate.

You purchase a house between January 1, 2009 and December 1, 2009 and should you meet the requirements for one of those programs, it is also possible to qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who is a first-time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a house in the prior three years. That is the same qualifying definition for the $8,000 tax credit.

What's a Mortgage Credit Certificate and Who Qualifies?

The MCC takes this a step further. An MCC “reduces your tax liability predicated on a share of the mortgage interest that you pay.

Should you qualify for the MCC, you'll be able to claim 20% of the interest you pay as a credit on your own federal income taxes on your mortgage. You can save as much as $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you may have the ability to combine this. This would reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Who qualifies for an MCC is based on your own income along with the price of the property you are purchasing. Household income means the “gross income of the mortgagor and every other individual expected to reside in the dwelling who is 18 years old or older.”

House price limits Durham and Chatham Counties and the income are given below.

MCC Income Limits 1 Man $61,500 2 Persons $61,500 3 Men $70,500 4 Individuals $70,500

MCC Sales Price Limits New House $220,000 Existing Dwelling $210,000

The buyer just has to pay and the load would pay around $8,000 of the remaining balance.

This program has stricter income limits than the MCC plan summarized above. Like the MCC application, it might be used in conjunction with the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment help, nonetheless, can't be employed in conjunction with all the MCC. That is an either or situation.

The income and house price limitations that apply in Durham Orange and Chatham Counties are given below.

Down Payment Assistance Income Limits

1 Person $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Support Sales Cost Limits New House $210,000 Existing House $210,000